Shares of Carvana Co. (NYSE:CVNA – Get Rating) gapped down before the market opened on Monday after JPMorgan Chase & Co. downgraded the stock from a neutral rating to an underweight rating. The stock had previously closed at $46.98, but opened at $45.59. JPMorgan Chase & Co. now has a $35.00 price target on the stock, up from their previous price target of $25.00. Carvana shares last traded at $49.12, with a volume of 58,010 shares.
Should You Buy Carvana or AutoNation or Pass on Both?
Other analysts have also recently issued reports about the stock. Cowen reduced their price objective on shares of Carvana from $142.00 to $95.00 in a research note on Friday. DA Davidson reduced their price objective on shares of Carvana from $140.00 to $49.00 and set a “na” rating for the company in a research note on Monday, May 16th. Truist Financial reduced their price objective on shares of Carvana from $160.00 to $80.00 and set a “na” rating for the company in a research note on Monday, May 16th. Bank of America reduced their price objective on shares of Carvana from $225.00 to $80.00 in a research note on Thursday, May 19th. Finally, Piper Sandler cut their target price on shares of Carvana from $130.00 to $98.00 and set a “neutral” rating for the company in a research note on Thursday, April 21st. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating and nine have given a buy rating to the company’s stock. Based on data from MarketBeat, Carvana currently has an average rating of “Hold” and a consensus price target of $80.67.
Insiders Place Their Bets
In other Carvana news, insider Paul W. Breaux bought 14,000 shares of Carvana stock in a transaction dated Tuesday, May 31st. The shares were bought at an average price of $31.09 per share, with a total value of $435,260.00. Following the purchase, the insider now owns 78,240 shares of the company’s stock, valued at $2,432,481.60. The transaction was disclosed in a document filed with the SEC, which is available at this link. In other Carvana news, insider Paul W. Breaux bought 14,000 shares of Carvana stock in a transaction dated Tuesday, May 31st. The shares were bought at an average price of $31.09 per share, with a total value of $435,260.00. Following the purchase, the insider now owns 78,240 shares of the company’s stock, valued at $2,432,481.60. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director J Danforth Quayle bought 18,750 shares of Carvana stock in a transaction dated Tuesday, May 17th. The stock was acquired at an average cost of $39.14 per share, for a total transaction of $733,875.00. Following the purchase, the director now directly owns 12,500 shares in the company, valued at approximately $489,250. The disclosure for this purchase can be found here. Insiders have purchased a total of 2,197,008 shares of company stock valued at $47,538,049 in the last 90 days. 17.67% of the stock is currently owned by insiders.
Hedge Funds Weigh In On Carvana
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Baillie Gifford & Co. raised its stake in Carvana by 15.0% during the second quarter. Baillie Gifford & Co. now owns 10,901,629 shares of the company’s stock worth $246,159,000 after acquiring an additional 1,418,746 shares in the last quarter. State Board of Administration of Florida Retirement System grew its stake in shares of Carvana by 20.1% during the 2nd quarter. State Board of Administration of Florida Retirement System now owns 109,638 shares of the company’s stock worth $2,476,000 after acquiring an additional 18,327 shares during the period. Landscape Capital Management L.L.C. raised its holdings in shares of Carvana by 157.2% in the 2nd quarter. Landscape Capital Management L.L.C. now owns 137,566 shares of the company’s stock valued at $3,106,000 after acquiring an additional 84,074 shares in the last quarter. Bank of Nova Scotia bought a new position in Carvana during the 2nd quarter worth approximately $14,069,000. Finally, State of New Jersey Common Pension Fund D grew its position in shares of Carvana by 41.9% in the 2nd quarter. State of New Jersey Common Pension Fund D now owns 67,671 shares of the company’s stock worth $1,528,000 after buying an additional 19,974 shares during the last quarter.
Carvana Stock Up 6.3 %
The firm has a market cap of $8.64 billion, a PE ratio of -7.08 and a beta of 2.69. The company has a debt-to-equity ratio of 63.19, a current ratio of 1.36 and a quick ratio of 0.47. The stock has a 50 day simple moving average of $26.16 and a 200-day simple moving average of $77.79.
Carvana (NYSE:CVNA – Get Rating) last issued its quarterly earnings data on Thursday, August 4th. The company reported ($2.35) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.75) by ($0.60). Carvana had a negative net margin of 4.24% and a negative return on equity of 144.51%. The company had revenue of $3.88 billion for the quarter, compared to analysts’ expectations of $3.99 billion. During the same quarter last year, the company earned $0.26 earnings per share. The company’s revenue for the quarter was up 16.4% on a year-over-year basis. Sell-side analysts predict that Carvana Co. will post -7.17 EPS for the current fiscal year.
Carvana Company Profile
Carvana Co, together with its subsidiaries, operates an e-commerce platform for buying and selling used cars in the United States. The company’s platform allows customers to research and identify a vehicle; inspect it using company’s 360-degree vehicle imaging technology; obtain financing and warranty coverage; purchase the vehicle; and schedule delivery or pick-up from their desktop or mobile devices.